S&P GDP growth forecast for Poland unchanged for 2023

Justin Lane/PAP/EPA

Rating agency Standard and Poor's (S&P) has maintained Poland's economic growth forecast at 0.9 percent in 2023.

At the same time, S&P has upgraded its forecast for 2024 from 3.2 percent to 3.4 percent, the company said in a report published on Tuesday.

Poland's average annual inflation (HICP) is now expected to hit 11.8 percent and ease to 6.2 percent in 2024 and 3.1 percent in 2025.

The agency predicts that Poland's Monetary Policy Council will keep interest rates at the current level of 6.75 percent to the end of 2023. In 2024, according to S&P, the reference rate will be cut by a total of 150 basic point (bps) and in 2025 by another 175 bps.

Among the three major rating agencies, Moody's offers Poland the highest rating, on the A2 level. According to Fitch and S&P, Poland's rating is 'A-.' All three give Poland a "stable" outlook.